Ferguson plc $FERG Stock Holdings Cut by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Ferguson stake by 38.2% in the second quarter, selling 43,113 shares and retaining 69,858 shares valued at approximately $16.6 million. Institutional investors collectively own 81.98% of the company.
• Analysts maintain a generally positive outlook, with Ferguson carrying a consensus “Moderate Buy” rating and an average price target of $277.21, although Goldman Sachs downgraded the stock to “neutral” and lowered its target to $265.
• Ferguson reported quarterly earnings of $3.39 per share, beating expectations of $3.23, and declared a quarterly dividend of $0.89 per share. The company also has authorization to repurchase up to $2 billion of its shares.

Assenagon Asset Management S.A. cut its position in shares of Ferguson plc (NYSE:FERG - Free Report) by 38.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 69,858 shares of the company's stock after selling 43,113 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Ferguson were worth $16,579,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of FERG. Wellington Management Group LLP grew its position in Ferguson by 150.8% in the fourth quarter. Wellington Management Group LLP now owns 9,366,465 shares of the company's stock worth $2,085,256,000 after buying an additional 5,631,554 shares during the last quarter. Norges Bank acquired a new stake in shares of Ferguson during the fourth quarter worth $498,005,000. Durable Capital Partners LP acquired a new stake in shares of Ferguson during the third quarter worth $244,561,000. Qube Research & Technologies Ltd lifted its holdings in shares of Ferguson by 588.1% during the third quarter. Qube Research & Technologies Ltd now owns 1,087,523 shares of the company's stock valued at $244,236,000 after purchasing an additional 929,475 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its position in shares of Ferguson by 502.8% in the third quarter. Voloridge Investment Management LLC now owns 765,725 shares of the company's stock worth $171,967,000 after acquiring an additional 638,692 shares in the last quarter. Institutional investors own 81.98% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FERG. Citigroup restated a "neutral" rating on shares of Ferguson in a report on Wednesday, May 6th. The Goldman Sachs Group cut shares of Ferguson from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $315.00 to $265.00 in a research report on Monday, July 6th. Barclays boosted their target price on shares of Ferguson from $295.00 to $297.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. Royal Bank Of Canada increased their target price on Ferguson from $271.00 to $281.00 and gave the company an "outperform" rating in a report on Wednesday, May 6th. Finally, Weiss Ratings raised Ferguson from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $277.21.

Ferguson Stock Up 2.8%

FERG stock opened at $263.76 on Tuesday. The company has a 50 day moving average of $234.16 and a two-hundred day moving average of $240.89. The company has a market cap of $51.15 billion, a price-to-earnings ratio of 30.67, a PEG ratio of 1.82 and a beta of 1.14. Ferguson plc has a 12-month low of $207.64 and a 12-month high of $271.64. The company has a quick ratio of 0.96, a current ratio of 1.78 and a debt-to-equity ratio of 0.68.

Ferguson (NYSE:FERG - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.23 by $0.16. Ferguson had a net margin of 6.98% and a return on equity of 38.81%. The business had revenue of $8.75 billion for the quarter. On average, equities analysts anticipate that Ferguson plc will post 11.25 earnings per share for the current fiscal year.

Ferguson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Friday, August 21st will be issued a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, August 21st. Ferguson's payout ratio is currently 41.40%.

Ferguson declared that its board has approved a share repurchase program on Tuesday, May 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Ferguson Profile

Ferguson NYSE: FERG is a multinational distributor specializing in plumbing and heating products and related building supplies, serving professional contractors, builders and industrial customers. The company supplies a broad range of products used in residential, commercial and infrastructure projects, including pipes and fittings, valves and controls, HVAC equipment, waterworks materials, plumbing fixtures, pumps and accessories, as well as complementary electrical and specialty product lines.

Ferguson operates a network of branches and distribution centers that provide inventory, logistics and value-added services to trade customers.

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